ANZ Sees Elevated Oil Prices

The video discusses the current oil market challenges, focusing on supply shortages exacerbated by Russian sanctions. The European Union's decision to ban Russian oil by 90% is expected to tighten the market further. OPEC's production increase is insufficient to fill the supply gap, with many members unable to meet their targets. Saudi Arabia, UAE, and Iraq have some capacity to increase production, but this will reduce their spare capacity. Despite claims of no supply shortage, the market is experiencing significant price increases due to the structural changes caused by the sanctions.

How is the European Union's decision regarding Russian oil expected to impact the market?

What challenges does OPEC face in meeting its production targets?

What is the significance of the upcoming meeting on June 30th regarding oil production?

Why do some officials claim there is no supply shortage despite rising prices?

What are the expected supply losses in barrels per day due to Russian sanctions?